FAQ

Legal

What is an SDA?
The Single Discretionary Allowance (SDA) is a limit set by the South African Reserve Bank (SARB). It limits you to a total of R1 million for 'offshore activities' each calendar year. This applies to all your transactions and not just those in Shyft. It is your responsibility to make sure you stay within this limit.
What is the BoP and BOP Category Code 511 04?
BOP, also referred to as Balance of Payments, are reports provided to the South African Revenue Services and/or the Financial Intelligence Center to notify them of all funds that has left the country as well as the reason for it. All Shyft transactions are reported under the Bop Category code of 511 04 - Foreign investment by a resident individual not related to the investment allowance – Deposits with a foreign bank.
How do I know if I've exceeded my SDA limit through Shyft?
If you exceed your R1m limit in Shyft, you will be blocked from transacting for the rest of the calendar year. But remember, that you are responsible for ensuring that you do not exceed your limit across other products too.

Send Money

How much does it cost to send money to a foreign bank account?
International payments are charged at a flat fee per transaction. This fee varies depending on the currency being sent: USD payments - USD 14.00; GBP payments - GBP 10.00; EUR payments - EUR 12.00; and AUD payments - AUD 18.00. Shyft keeps you in control by showing exactly how much each transaction will cost before you make the payment.
Does the beneficiary have to pay any fees?
If you pay in a currency that is not the domestic currency of the country of the beneficiary’s bank, the recipient may receive less than what you’ve sent. Intermediary banks are likely to levy additional charges and the receiving bank is likely to convert the payment to a local currency, which means that the amount received cannot be predicted.
How much money can I send?
Shyft will allow each user to buy foreign currency up to a maximum of R1 million per year. Payments to international bank accounts are limited in the size of transaction: USD: 50,000 GBP: 40,000 EUR: 50,000 AUD: 60,000
How do I add a beneficiary?
On the Global Wallet screen tap Send Money. Select Add Beneficiary. You will be required to fill in all fields requested before the beneficiary is created.
How do I find a BIC/swift code/IBAN?
The beneficiary that you are paying should be able to provide those details for you.
Can I cancel a payment to a beneficiary?
It is not always possible to cancel a beneficiary payment, depending on how far along the payment has progressed. Contact the support team via the inapp chat if you need to cancel a payment and they will be able to let you know if it's possible.
The country I want to send money to isn't appearing on the list when adding a beneficiary. Why?
The countries that appear on the list are countries where payments are allowed to be sent.
What type of payments are not permitted?
As a guideline, payments to beneficiaries for the following purposes are not permitted: · Payments for the purpose of gambling (Paying gambling institutions); · Any and all purchases related to arms dealing; · Adult entertainment of any kind; and · Purchasing of drugs/drug paraphernalia.
Can I fund my crytpo currency trading account using Shyft?
No, all payments for the purpose of purchasing crypto currency will be unsuccessful as they currently fall outside of our risk appetite.

Physical Cards

How do I order a physical card?
Once logged in on the Shyft application and in your wallet, tap on the “Order Physical Card” button. Ensure that you complete all the required fields to have your card delivered to you.
How much does it cost to order a physical card?
The current fee for card delivery is R120.00 (incl. VAT). This is subject to change without notice.
How do I link my Physical Card?
Once you receive your card, login to the app and on the wallet screen, tap the “Link a Physical Card” button. Add the 16-digit number as displayed on the card and tap ok. Once added, you are able to load funds from your foreign exchange wallets to the card and start using it.
How long will it take to get my physical card?
Delivery within major metropolitan areas should be within three business days. Delivery outside of major metropolitan areas should be within five business days.
How much are the ATM withdrawal fees?
USD: 3.3; GBP: 2.2; EUR: 3.3; and AUD: 4.8.

Contact Us

I am stuck, and my question is not answered in this FAQ. How do I get more assistance?
You can reach us via the Live Chat directly from the Shyft app. To start the Live Chat, tap on the question mark icon in the top right corner of the screen. Alternatively, you can leave a message for us from the Contact Us page on the Website (getshyft.co.za). Our consultants are available from 9am to 5pm, Monday - Friday.

Virtual Cards

Can I use my virtual card in South Africa?
No, the virtual card cannot be used on South African sites. Doing so would incur conversion fees and negate the benefits of the virtual card.
Does the virtual card work with 3D Secure sites?
Yes, virtual cards support 3Dsecure websites. You have to ensure that your 3D Secure code is set on the virtual card before it is used.
What is a virtual card?
Virtual cards are not physical cards and are used for online shopping on international websites. It operates just like any other credit card and is available for each of the supported currencies; USD, AUD, GBP and EUR.
What is the difference between disabling and deleting a card?
Disabling a card only deactivates it temporarily until you decide to re-enable it. Once re-enabled, the card can be used again. Deleting a card deactivates the card permanently. A deleting card is cancelled and cannot be reactivated or used again.

Buy Foreign Currency

How much does it cost to buy foreign currency?
Standard Bank charges a fee on all foreign exchange transactions. This is included as part of the rate that you are quoted in the process of purchasing foreign currency. The price you see is the price you pay and there are no additional costs for purchasing foreign exchange through Shyft.

Profile & Personal Info

How can I update my address or other personal details?
Please send an email with a copy of your ID and proof of address to shyftoperations@standardbank.co.za. You will receive confirmation once your details are updated.
How do I reset my password?
If you have already logged in to the app and want to change your password use the menu icon in the top left of the screen to open your Profile and select "Change Password". If you have forgotten your password, use the "Forgot Password" link from the login screen to set a new password. You will need the answers to your secret questions to do this.

Other

I lost my phone. What should I do?
Please download the app on a new phone and reset your password immediately.
I'm a little concerned that someone found out my password. What should I do? 
Open the application and change your password immediately. To do so, tap on the three lines on the top left corner of the app (menu), and tap on Profile. Scroll down till you see “Change Password”, and tap on it. Put in your old password, enter a new password and confirm the new password followed by tapping on the change password button. **Please ensure that your password is not shared with anyone**

Get Started

What does Shyft cost?
The app is free, but minimal charges apply for certain transactions. Charges are clearly shown before each transaction, so you will always know exactly how much you are spending.
How do I get Rands into my ZAR Wallet?
You will need to do an electronic funds transfer (EFT) into the Shyft bank account. Go to your ZAR wallet on the app and tap on "Topup your ZAR Wallet" for further details. Remember to use your unique reference number when doing your EFT so that your payment can quickly be assigned to your wallet balance.
How do I buy currency?
Once you have loaded Rands into your ZAR wallet, select the currency that you would like to buy. From the wallet screen, tap on "Topup" and then follow the steps.
I have done an EFT, but the funds are not showing in my ZAR wallet. What can I do?
Please send your proof of payment to support@getshyft.co.za and we will assist in tracing your payment to be able to allocate it to your ZAR wallet. Please ensure that you have correctly entered your unique reference number. This can be found in the Profile section of the app.

Need more information?

Contact us and we will get back to you.

Contact Us